IEA: Derivatives not to blame for oil's strength
The International Energy Agency (IEA) says that supply and demand fundamentals are to blame for oil price strength, not speculative derivatives products
The Paris-based IEA says that despite many market participants insisting that speculative action on oil futures and derivatives are to blame for the upwards price movements of oil, fundamental data actually reveals that this is not the case.
"Fingers still point at shadowy 'speculative' inflows to futures and derivatives markets, but a more plausible foundation for price strength lies with now apparent third-quarter fundamentals," says the group in its latest monthly Oil Market report. "Upward
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